§ 47-30-112. Borrower’s Default — Terms and Conditions
A reverse mortgage loan contract may provide for a borrower’s default, thereby triggering early repayment of the loan, based only upon one (1) or more of the following terms and conditions: The borrower fails to maintain the residence as required by the contract; The borrower sells or otherwise conveys title to the home to a […]
§ 47-30-113. Notice of Foreclosure — Continuation of Interest
When a borrower’s obligation to repay the reverse mortgage loan is triggered under § 47-30-112, in addition to all rights conferred upon owners and borrowers under title 35, chapter 5, the lender must give the borrower not less than sixty (60) days’ notice of its intent to initiate foreclosure proceedings. If the contract so provides, […]
§ 47-30-114. Future Advances — Exemption From Other Law
A reverse mortgage may provide that it secures not only existing indebtedness or advances made contemporaneously with the execution thereof, but also future advances, whether obligatory or optional, or both, and whether made under open-end credit agreements or otherwise, to the same extent as if such future advances were made contemporaneously with the execution of […]
§ 47-30-115. Prohibited Acts
Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan: Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise; Failing to disburse funds in accordance with the terms of the reverse […]
§ 47-30-116. Rules — Notice of Violation — Penalties — Civil Actions
The commissioner shall adopt rules necessary to implement and enforce this chapter. Upon finding probable cause to believe that an authorized lender or any other person, firm, or corporation is in violation of this chapter, or of any law or any rule or regulation of this state, the United States, or an agency of the […]
§ 47-30-117. Legislative Intent — Construction With Other Laws
It is the intent of the general assembly to authorize reverse mortgage loans under the provisions, terms and conditions imposed by this chapter. Nothing in this chapter shall be construed to apply to or restrict any loan, mortgage, or deed of trust which is valid under any other provision.
§ 47-30-118. Fannie Mae Reverse Mortgage Loans
When a Fannie Mae Reverse Mortgage Loan becomes due, the amount owed by the borrower shall not be greater than: The fair market value of the house; or The outstanding balance of the loan, including any equity share, if applicable under the terms of the contract, whichever is less. The lender shall enforce the debt […]
§ 47-31-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Tobacco Manufacturers’ Escrow Fund Act of 1999.”
§ 47-30-104. Compliance — Noncomplying Loans Unenforceable — Counseling
No authorized lender shall issue a reverse mortgage loan contract unless it complies with all requirements for participation in HUD’s Home Equity Conversion Mortgage Program (or other similar federal reverse mortgage loan program from time to time created) and is insured by the federal housing administration or other similar federal agency or is a Fannie […]
§ 47-30-105. Contract for the Payment of Interest
Notwithstanding any other law to the contrary, the parties to a reverse mortgage loan may contract for the payment of interest at a rate which does not exceed the rate permitted for home loans under chapter 15 of this title. Interest shall be deferred until the earliest occurrence of one (1) or more events specified […]